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BTL product withdrawal overstated?

Nia Williams

October 1, 2008

The specialist Buy to Let and commercial mortgage broker strongly disagrees with the recent statement issued by Moneyfacts claiming that 84% of Buy to Let products have been withdrawn from the market in the past few days.

David Whittaker, managing director at Mortgages for Business says, “Moneyfacts have focused their attention on the loss of products from Bradford & Bingley and Mortgage Express, as well as the withdrawal of rates, principally because of movements on SWAP rates from The Mortgage Works and UCB Homeloans. Using our in-house Buy to Let sourcing system ‘Bluesky’, we have seen a reduction of 39% of Buy to Let products in the short term but this still leaves more than 150 products live on our systems.”

Bluesky is a specialised Buy to Let sourcing tool only available through Mortgages for Business. The system provides a comprehensive, up to the minute screen based reference library of the best Buy to Let mortgages currently available in the market and is available to all business partners free of charge

CORRECTION:

Moneyfacts actually said: “The buy-to-let sector has been hardest hit since the turmoil began with 85% of products being withdrawn in a year, but residential mortgages are not far behind with a loss of 60% of products.


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